The O’Biden Boyz are claiming they’re not preparing for a default, but the Debt Ceiling Dilemma is a nice way of saying we’re broke.
And it’s mathematically impossible to fix it.
Treasury Secretary Janet (Mrs. Doubtfire) Yellen is trying to
encourage force the issue by saying:
“It’s highly likely that we would run out of resources to meet all the government’s obligations in early June and possibly as early as June 1.”
But tell us something we don’t know.
And Mr. Yellen knows that they’ve always managed to increase the limit in the past as America cannot afford to default on its debt obligations.
On the flip side, Mr. Yellen also knows that if they can’t agree on raising the debt ceiling, there’s going to be a false flag to bury the default.
Ironically (or NOT) the Democrats insist on spending with no end in sight, while the Republicans are demanding some sort of budget.
And despite Biden and McCarthy meeting on Monday to discuss terms, neither side will budge.
Debt Ceiling Terms
As expected, the Democrats are crying that the Republicans are taking an “extreme position.”
So, let’s look at what they want:
- The GOP wants to set discretional federal spending at $1.47 trillion for the next fiscal year, with an increase of only 1% in future years.
- O’Biden’s unconstitutional bribe to forgive student loans must be repealed for the Republicans to accept the ceiling.
- O’Biden’s IRS Army must also be defunded. The GOP wants to rescind the $71 billion that the Biden Administration used to hire 87,000 new IRS agents.
- Take back unobligated COVID relief money.
- The Republicans would also like to limit social programs and government handouts.
- Re: “Costly Climate Change Policies” … Republicans are demanding that Biden eliminate some of the tax breaks his administration provides to green-friendly companies.
When you add up all the savings – according to the Congressional Budget Office (CBO) – the above mentioned “Extreme Positions” would have a combined savings of $5,860,000,000,000 ($5.86 Trillion) over the next decade.
Ironically (or NOT) no one has asked Biden to end the blank checks to Ukraine.
Because the Neocons on both sides know the war in Ukraine is creating unprecedented inflation.
And in the meantime, it’s crippling our economy and accelerating our eventual Sovereign Debt Default.
Bottom line here?
Expect a last-minute miracle deal allowing the Boyz to kick the can down the road a bit farther.
In the process, stocks will continue to bear the brunt.
Learn how to take advantage of it (HERE).
And share this with a friend…especially if they think the Debt Ceiling Dilemma is something they should be concerned about.
They’ll thank YOU later.
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